Did Sensex and Nifty Finally Break Their Three-Day Losing Streak?
Synopsis
Key Takeaways
Mumbai, Jan 22 (NationPress) The Indian stock markets saw a significant uptick on Thursday, breaking a three-day decline, as positive global signals and reduced geopolitical tensions enhanced investor optimism.
Market sentiments turned favorable after US President Donald Trump announced that he would refrain from imposing tariffs on European Union countries on February 1.
He also indicated that a ‘framework for a future agreement’ had been established with NATO regarding Greenland.
Additionally, his comments about a promising trade deal between the US and India further spurred buying activity across the markets.
By the end of trading, the Sensex climbed 397.74 points, or 0.49 percent, closing at 82,307.37.
Meanwhile, the Nifty also saw gains, adding 132.4 points, or 0.53 percent, to finish at 25,289.9.
“As long as the index remains above 25,120, the overall outlook stays stable, with potential for a gradual advance towards 25,400–25,500,” noted one expert.
“A decisive close above 25,600 is essential to confirm a bullish breakout and shift momentum decisively in favor of the bulls,” stated another analyst.
Failure to maintain above 25,120 may expose the market to downside pressure toward 25,100, according to market observers.
Buying momentum was evident in several heavyweight stocks on the BSE, with names like Adani Ports, BEL, SBI, and Tata Steel leading the upward trend.
Conversely, stocks such as Eternal, Titan, Maruti Suzuki, and ICICI Bank closed the day in the negative.
Sector-wise, there was broad-based strength, with the exception of Nifty Realty and Consumer Durables, as all other sectoral indices finished in the green.
Nifty PSU Bank and Nifty Media emerged as top gainers, each rising more than 2 percent.
The broader market also reflected a positive trend, with the Nifty MidCap 100 index increasing by 1.34 percent, while the Nifty SmallCap index closed 0.76 percent higher.
Market experts commented on the Nifty's technical outlook, suggesting that the sentiment remains cautiously positive, favoring a buy-on-dips strategy near support levels while selling near resistance until a clear directional breakout is observed.